汽车行业半年度业绩综述：新能源及出口接续发力，机器人打开成长空间

Investment Rating - The industry investment rating is "Positive" (maintained) [3][20] Core Insights - The automotive industry is experiencing growth driven by new energy vehicles and exports, with robots opening up new growth opportunities [1] - Geely Automobile's revenue increased by 27% year-on-year to 150.3 billion yuan in the first half of 2025, with a total sales volume of 1.41 million vehicles, a 47% increase year-on-year [9] - King Long Automobile's export sales surged, accounting for 63% of total sales in the first half of 2025, compared to 40% in the same period last year [10] - Major automotive parts companies like Haoneng and Longsheng Technology are showing positive revenue growth, with Haoneng's revenue up 10.3% year-on-year to 1.253 billion yuan [11][12] Summary by Sections Passenger and Commercial Vehicle Sector - Geely Automobile's revenue for H1 2025 reached 150.3 billion yuan, with a net profit of 9.3 billion yuan, a 14% decrease year-on-year [9] - King Long Automobile's revenue for H1 2025 was 10.327 billion yuan, with a net profit of 1.16 billion yuan, a 75.1% increase year-on-year [10] Automotive Parts Sector - Haoneng's revenue for H1 2025 was 1.253 billion yuan, with a net profit of 184 million yuan, reflecting a 13.4% increase year-on-year [11] - Longsheng Technology's revenue for H1 2025 was 1.224 billion yuan, with a net profit of 105 million yuan, a 1.4% increase year-on-year [12] - Xiling Power's revenue for H1 2025 was 865 million yuan, with a net profit of 56 million yuan, a 130.1% increase year-on-year [13] - Wuxi Zhenhua's revenue for H1 2025 was 1.287 billion yuan, with a net profit of 201 million yuan, a 27.2% increase year-on-year [16] - New Spring's revenue for H1 2025 was 7.5 billion yuan, a 21.01% increase year-on-year [17]